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Assistant Professor of Finance and Business Economics
University of Southern California
Los Angeles, CA, 90089
Tel (Office): (213) 821-9887
Email: miao.zhang@marshall.usc.edu
Curriculum Vitae | Google Scholar Page

Working Papers

Wisdom of the Institutional Crowd: Implications for Anomaly Returns
(with AJ Chen and Gerard Hoberg) Coming soon
We show that institutional investors not only respond to news but also share trading signals through news, resulting in predictable momentum and value returns.

Talent Retention Risk and Missing Corporate Investment
(with AJ Chen and Zhao Zhang) Coming soon
By constructing a new measure of firms' risk of losing key talent, we show that rising talent retention risk partially explains the increased investment-Q gap in the recent decade.

Under the Hood of Routine Share Decline
(with Nir Jaimovich and Nicolas Vincent) Coming soon
Contrary to the notion of creative destruction, we show that entrant establishments consistently have higher share of routine task labor. The declining routine share is entirely driven by incumbent establishments.


Published Papers

The Cross-Section of Investment and Profitability: Implications for Asset Pricing
(with Mete Kilic and Louis Yang)
Journal of Financial Economics, Forthcoming
~AFA, SFS Cavalcade, Minnesota Junior Conference, ITAM Conference, Midwest Finance Association, ...

Economic Stimulus at the Expense of Routine-Task Jobs
(with Selale Tuzel)
Journal of Finance, 2021, 76(6), 3347-3399
Slides | Appendix | Data | Media (Tommy Talks)

Labor-Technology Substitution: Implications for Asset Pricing
Journal of Finance, 2019, 74(4), 1793-1839
Slides | Appendix | Data | Replication

Trading Up and the Skill Premium
(with Nir Jaimovich, Sergio Rebelo, and Arlene Wong)
NBER Macroeconomics Annual, 2019, 34, 285-316
Slides | NBER Presentation

Local Risk, Local Factors, and Asset Prices
(with Selale Tuzel)
Journal of Finance, 2017, 72(1), 325-370
Slides | Appendix | Data

Suitability Check and Household Investments in Structured Products
(with Eric Chang and Dragon Tang)
Journal of Financial and Quantitative Analysis, 2015, 50(3), 597-622
Appendix


Recent Discussions and Services

Discussion slides for "Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations" by Kogan, Papanikolaou, Schmidt, and Seegmiller
WFA 2022

Discussion slides for "Surviving The FinTech Disruption" by Jiang, Tang, Xiao, and Yao
SFS Cavalcade 2022

Discussion slides for "Labor Force Telework Flexibility and Asset Prices: Evidence from the Covid-19 Pandemic" by Favilukis, Lin, Sharifkhani, and Zhao
AFA 2022

Discussion slides for "Digital Capital and Superstar Firms" by Tambe, Hitt, Rock, and Brynjolfsson [Video]
ABFR Webinar 2021

Session Chair for 2022 AFA Session "Corporate Investment"

Session Chair for 2022 MFA Session “Investment and Firm Dynamics”